For today’s B-to-B and B-to-C marketers, data is one of the most valuable intellectual properties. Why? Because the data can be mined to effectively conduct targeted marketing, market segmentation and the most powerful marketing of all—strategic database direct marketing.
Facebook’s IPO is predicted to be so hugely successful largely because of its profile information database and opportunities for licensing some of its parts to other marketers. Of course, this introduces a whole host of privacy issues that, no doubt, will lead to new privacy regulations.
In the meantime, marketers, who capture data through cross-channel marketing, can apply data analytics, predictive and behavioral modeling to advanced variable data marketing that can be used to personalize both print and digital tactics to effectively market to both existing and prospective customers.
Predictive and behavioral analytics and modeling help marketers develop products and/or offerings that are more meaningful to the recipient. Rather than a calculated guess, predictive and behavioral analytics allows marketers to rely on real data that presents consumer preferences, online behavior, previous purchases, how much is spent, where they shop, etc. This information helps further define market segmentation. Marketing professionals can use this kind of detailed segmentation information to deliver personalized and unique messages to their customers regardless of channel.
At the core of the strongest customer relationship management (CRM), loyalty programs and outbound marketing initiatives is data marketing that incorporates predictive analytics. If you are not minding and mining your data, you’re limiting the success of your marketing and CRM.